A French court fined Swiss bank UBS 1.8 billion euros ($ 2 billion) in an appeal decision over a charge that it helped French residents commit tax fraud.
The bank took the case before a Paris appeal court after being initially fined $ 3.7 billion in a 2019 court decision.
“UBS will study this decision and analyze all options, including”Appeal to the Court of Cassation, reacted the bank in a statement.
On the other hand, the French subsidiary of UBS was dismissed from the charge of complicity in aggravated money laundering, but was sentenced for complicity in an illegal banking incentive (to its clients) to a fine of 1,875 million euros, against 15 million in first instance.
Six former leaders of the banking institution were also prosecuted. Four were sentenced: Dieter Kiefer to one year in suspended prison and 300,000 euros of fine, Patrick de Fayet to one year of conditional imprisonment and 200,000 euros of fine, Olivier Baudry and Philippe Wick to six months of suspended prison and 200,000 euros of penalty fee.
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